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Bringing inheritance from abroad

Questions0
Posts: 2 Newbie
in Cutting tax
Hi there,
Hopefully someone can answer my question or can point me in the right direction.
I have inherited a sum of money abroad, which is below the threshold to pay any tax on it here. I have already "paid" the inheritance tax abroad - it was 0% there as well. I have all the court papers on this. I am only a resident and tax payer in the UK and am not a tax payer in the EU anymore.
My money is still abroad, but when I move it from the EU to the UK, would I need to pay any tax on this since I transferred the money through?
I also inherited a tiny piece on uninhabitable land. If I am able to sell it off for about £1000, it would probably fall under capital gains tax? And if I can't sell it off, I will donate the land to the council (in order not to pay tax on holding land abroad), and I presume I wouldn't need to pay tax in this case?
Also, would this be entered somewhere in my tax return, or is calling HMRC enough, as I am on PAYE?
Kind regards
Hopefully someone can answer my question or can point me in the right direction.
I have inherited a sum of money abroad, which is below the threshold to pay any tax on it here. I have already "paid" the inheritance tax abroad - it was 0% there as well. I have all the court papers on this. I am only a resident and tax payer in the UK and am not a tax payer in the EU anymore.
My money is still abroad, but when I move it from the EU to the UK, would I need to pay any tax on this since I transferred the money through?
I also inherited a tiny piece on uninhabitable land. If I am able to sell it off for about £1000, it would probably fall under capital gains tax? And if I can't sell it off, I will donate the land to the council (in order not to pay tax on holding land abroad), and I presume I wouldn't need to pay tax in this case?
Also, would this be entered somewhere in my tax return, or is calling HMRC enough, as I am on PAYE?
Kind regards
0
Comments
-
People who inherit money do not pay tax on it.
You do not pay tax on bringing the money into the UK
You do not need to tell HMRC about the land sale0
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